While everyone’s chasing the next tech trend, Kelsey
Dunwoodie is digging where Canada’s real wealth—and
entrepreneurial spirit—lies: in the ground. On this episode of In
the Money with Amber Kanwar, the Deans Knight Capital Management
portfolio manager lays out the bullish case for Canada’s
great resource comeback. From gold miners to natural gas
producers, she argues the next wave of growth will come from
small and mid-cap companies built by hands-on founders who’ve
weathered every boom and bust.
She breaks down why gold producers are flush with cash, how
energy companies are positioning for the next upcycle, and why
she’s steering clear of the rare earths hype—for now.
Kelsey fields questions across the resource landscape. She
explains why she once owned Foran Mining
(FOM.TO) but now prefers Taseko Mines
(TKO.TO) for its consistent operations and better
valuation. In forestry, she’s staying loyal to West
Fraser Timber (WFG.TO), praising its management and
ability to outperform through any housing cycle. On royalties,
she says Franco-Nevada (FNV.TO) and
Wheaton Precious Metals (WPM.TO) are proven
powerhouses but highlights Topaz Energy (TPZ.TO)
in the energy space. She also discusses Osisko Metals
(OM.TO) and its Gaspe Copper Project, calling it a story
to watch, and points to Equinox Gold (EQX.TO) as
her largest gold position—a miner shifting from spending to
strong cash generation.
Dunwoodie closes the show with three under-the-radar
Canadian resource stocks she believes are set to outperform.
Champion Iron (CIA.TO) leads the list, an iron
ore miner entering a new phase of higher-margin, low-carbon
production. She names Denison Mines (DML.TO) as
her favorite way to play the uranium boom and global nuclear
buildout. And rounding it out, Paramount Resources
(POU.TO)—a family-run natural gas producer growing more
than 20% a year without needing to raise a dime.
Timestamps
00:00 Show intro
02:30 How Kelsey got into resource investing
03:30 Why resources? It’s Canada’s Silicon Valley
07:10 What dedication really means!
08:30 The gold rally & gold producers
14:10 A new wave of M&A in the gold space
17:10 Why Kelsey likes both oil & gas
20:30 Energy small-caps are disappearing
22:00 Rare Earths, Lithium and figuring out a pathway to a final
product
29:30 ITM Mailbag: Foran Mining stock (FOM)
32:55 The Lumber market & West Fraser Timber (WFG)
39:10 Wheaton Precious Metals & Franco Nevada, Topaz
Energy
43:15 Osisko Metals (OM)
46:10 Equinox Gold (EQX)
50:40 Pro Picks (CIA, DML, POU)
1:04:40: ETF Minute: Middlefield’s Healthcare Dividend ETF
(MHCD.TO)
Sponsors
For 25 years, Raymond James has been helping Canadians achieve
their financial goals. Visit https://raymondjames.ca today to
discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
ETF Minute is brought to you by Middlefield. Find out more about
the Middlefield Healthcare Dividend ETF here:
https://middlefield.com/funds/exchange-traded-funds/healthcare-dividend-etf/
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In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. Covering
everything from ETFs and Canadian stocks to global investing
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